More About Canada Life Insurance

Life insurance may well be one of the most important purchases you can make. Canada life insurance can protect you when tragedy strikes.

More About Canada Life Insurance

We might not like to think about it, but tragedy can strike anyone at any time. Being prepared can save your loved ones from financial disaster.

The emotional loss they must bear is tragic enough. Compounding this loss with financial hardship can tear a family apart.

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Whole Life Insurance Canada
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The right financial plan means the difference between leaving your family well set financially and struggling to cover debts and other financial obligations.

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In the event of your death, life insurance benefits provide your family with financial security and the means to cover:

  • Funeral costs, and any outstanding debts
  • An income for day to day needs and monthly expenses
  • The resources necessary for a comfortable standard of living
  • A legacy to your family and to your favourite charity
While you are still living, a whole life insurance policy can:
  • Create tax advantages and savings you may draw upon when needed for personal use or business opportunities
  • Supplement your income when you retire or help pay for long-term care or home care in the event of a disability for yourself or a family member
Life insurance can be an important part of your estate planning. It can:
  • Be used to pay off your mortgage if you become disabled and unable to work or if you die suddenly
  • Provide financial security for your family
  • Pay final estate taxes and other debts
  • Assist with your retirement savings plan

Term Insurance vs Whole Life

Many people do not understand the difference between term life coverage and a whole life policy. A simple way to think of it is to think of the difference between renting a home and buying one.

When you rent a house or apartment, you make monthly payments and never really have anything to show for all of the money you dished out. At any time your landlord can cancel your lease or refuse to renew and you are out in the cold. You are left with nothing.

A whole life insurance Canada policy is more like buying a house. As long as you make your monthly payments, no-one can throw you out, or cancel your mortgage. Eventually, your mortgage will be paid and the house is yours to keep for as long as you like.

If you do decide to cancel your mortgage – sell your house, you have all of the equity between the value of the home and what you have already paid off. The same goes with a whole life policy.

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Charges and Fees For Canada Life Insurance

As with a mortgage, a whole life policy carries service charges and fees. So, the amount you put in is not the same as the amount you get back, but the longer you hold the policy, the more you will get back.

Just as with your house, the more mortgage payments you make, the more equity you build. And, like your house, you can use your whole life insurance policy as collateral for a loan or business venture.

Whole life insurance quotes Canada can vary greatly. Your age, coverage amount and type of policy are all factors. The older you are when you buy your policy, the higher the premiums will be. Universal and whole life policies also have different rules and regulations.

Things they all have in common, though are:

  • Real cash value
  • Provide your beneficiaries with a death benefit
  • Span your entire life, as long as premiums are kept current
  • Can be used as wealth management tools and estate planning
  • Numerous options available, which allow you to custom tailor your plan to suit your individual needs. Companies and the options they offer differ, so you should shop around

How to Choose the Right Canada Life Insurance Company

Choosing the right Canadian health insurance company is just as important as choosing the right type of coverage.

Canada life insurance facts

One company may not have the options you need for your situation. This means you may not be able to take full advantage of all of the benefits a whole life policy can offer.

An experienced Canada life insurance agent specializing in whole life coverage will be able to help you choose the policy for your particular needs. He can also help you choose the best beneficiary. Your spouse will most likely be your first choice, but if you do not have a spouse, you have some complicated choices to make.

Beneficiaries can be changed if the need arises, so this really isn't a point you have to stress about when you buy your policy, but it is something to consider. That is also why your whole life insurance policy is such an important part of your estate planning.

Contact Us For a FREE Consultation

We're waiting to help you! Click here to ask any question about Canada life insurance. We'll contact you with your answer, or to make an appointment, free of charge.

Whichever type of policy you choose, one thing is for sure, a good Canada life insurance policy can make a huge difference in the lives of your loved ones.

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